RBS admits neglect, trader drops lawsuit

Royal Bank of Scotland has neglected its technology for decades, the state-backed bank's boss admitted on Tuesday after a system crash left more than 1 million customers unable to withdraw cash or pay for goods.

'For decades, RBS failed to invest properly in its systems', Ross McEwan, who became CEO in October, said.

'Last night's systems failure was unacceptable ... I'm sorry for the inconvenience we caused our customers', he said, adding he would outline plans in the New Year to improve the bank and increase investment.